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RDAD is defined as the ratio of R&D and advertising expense to sales and is employed to capture the firm's discretionary investment opportunities.
The explanatory variables for the managerial ownership equation include stock return volatility (STKVOL), R&D and advertising expenses (RDAD), asset growth (GROWTH), firm size (TA), institutional holdings (INSTL), and debt ratio (DR).
The RDAD variable is defined as before and captures the discretionary investments of the firm.
The significant negative coefficient for RDAD supports Myers' (1977) hypothesis that RDAD-intensive firms, because of their greater discretionary investments, incur high agency costs of debt.
It will be held on December 4 and 5 at the RDAD stables in Desert Palm, just past Dragon Mart on Hatta Road.
The proceeds will benefit RDAD in its work of teaching therapeutic riding to children and young adults with disabilities such as autism, cerebral palsy, Down's Syndrome and spina bifida.
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- RD114 virus receptor
- RD114/simian type-D retrovirus receptor
- RDA Consolidated Data Base
- RDA/RPG Remote Access Terminal